Monetary Policy Response to the Recent Negative Shock

Expansionary monetary policy has been widely used as a tool recently by the
central Banks around the world in response to the global pandemic led by
COVID-19. However, there is an argument that the central banks will probably
need to aim for a higher level of inflation, as advanced capitalist economies
attempt to recover from the negative shock, according to these articles:
https://www.abc.net.au/news/2020-08-28/us-central-bank-fed-landmark-policy-shift-on-inflation/12602362
https://theconversation.com/keating-is-right-the-reserve-bank-should-do-more-it-needs-to-aim-for-more-inflation-146393
Explain how the transmission mechanism of monetary policy works in a
recessionary environment to stimulate aggregate demand (AD)? How effective
were the reductions in nominal interest rates for Australian economy in the
current global pandemic that started in 2020?

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